Horseshoe Re - Underwriting Guidelines

Following are the main underwriting guidelines for Horseshoe Re:

• No restriction on lines of business to be assumed
• Reinsurance only
• Horseshoe Re will not retain underwriting risk for its own account
• Collateral provided to cedant to be equal to maximum liability of the segregated cell
• Reinsurance contract to include clause limiting the maximum liability of the segregated account to the assets of that particular segregated account
• Subject law as it pertains to the segregated account to be Bermuda law
• Minimum expected Return on Collateral: 10%
• Investors in segregated account need to be approved as per our internal Know Your Customer process